Published on 12/16/2008 in the Prospect News Municipals Daily.
New Issue: Florida University System prices $60 million revenue bonds at 2.5% to 6.65%
By Aaron Hochman-Zimmerman
New York, Dec. 16 - The Florida University System Board of Governors priced $60 million series 2008A improvement revenue bonds (Aa3/AA/AA), according to Chris Kinsley, the director of finance and facilities for the board.
Citigroup acted as the lead underwriter.
The term bonds were priced with maturities from 2024 to 2033 and yields ranging from 6% to 6.65%.
The serial bonds priced with maturities from 2009 to 2026 and yields from 2.5% to 6.1%.
Proceeds from the sale will be used to improve the campuses of the universities in the system.
Issuer: Florida University System Board of Governors
Issue: Series 2008A bonds
Amount: $60 million
Underwriter: Citigroup
Maturity: July 7, 2009 to July 7, 2026
Price: 98.604
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Dec. 16
|
| Settlement date: | Jan. 14
|
|
|
| 2025 term bonds:
|
| Maturity | Amount | Coupon Yield | Price
|
| July 1, 2024 | $2,590,000 | 6% | 6% | Par
|
| July 1, 2025 | $2,745,000 | 6% | 6% | Par
|
|
|
| 2028 term bonds:
|
| Maturity | Amount | Coupon Yield | Price
|
| July 1, 2027 | $3,085,000 | 6.250% | 6.450% | 97.797
|
| July 1, 2028 | $3,280,000 | 6.250% | 6.450% | 97.797
|
|
|
| 2030 term bonds:
|
| Maturity | Amount | Coupon | Yield | Price
|
| July 1, 2029 | $3,485,000 | 6.250% | 6.400% | 98.259
|
| July 1, 2030 | $3,700,000 | 6.250% | 6.400% | 98.259
|
|
|
| 2033 term bonds:
|
| Maturity | Amount | Coupon | Yield | Price
|
| July 1, 2031 | $3,935,000 | 6.500% | 6.650% | 98.196
|
| July 1, 2032 | $4,190,000 | 6.500% | 6.650% | 98.196
|
| July 1, 2033 | $4,460,000 | 6.500% | 6.650% | 98.196
|
|
|
| Serial bonds:
|
| Maturity | Amount | Coupon Yield | Price
|
| July 1, 2009 | $575,000 | 5.250% | 2.500% | 101.258
|
| July 1, 2010 | $1,270,000 | 5.250% | 3.000% | 103.197
|
| July 1, 2011 | $1,335,000 | 5.250% | 3.000% | 105.304
|
| July 1, 2012 | $1,405,000 | 5.250% | 3.500% | 105.660
|
| July 1, 2013 | $1,480,000 | 5.250% | 3.750% | 106.111
|
| July 1, 2014 | $1,560,000 | 5.250% | 4.000% | 106.079
|
| July 1, 2015 | $1,640,000 | 4% | 4.250% | 98.598
|
| July 1, 2016 | $1,705,000 | 4.250% | 4.500% | 98.428
|
| July 1, 2017 | $1,775,000 | 5.250% | 4.800% | 103.097
|
| July 1, 2018 | $1,870,000 | 5.500% | 5.100% | 102.971
|
| July 1, 2019 | $1,975,000 | 5.250% | 5.400% | 98.810
|
| July 1, 2020 | $2,075,000 | 5.500% | 5.600% | 99.159
|
| July 1, 2021 | $2,190,000 | 5.750% | 5.750% | Par
|
| July 1, 2022 | $2,315,000 | 5.750% | 5.850% | 99.074
|
| July 1, 2023 | $2,450,000 | 5.750% | 5.900% | 98.551
|
| July 1, 2026 | $2,910,000 | 6% | 6.100% | 98.931
|
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